Abstract
This paper discusses on credit card features, advantages and disadvantages. It helps the reader to enrich themselves in knowing about credit card in detail. Credit cards enable an individual to purchase products or services without paying immediately. The buyer only needs to present the credit cards at the cash counter and sign the bill. Credit card can, therefore, be considered as a good substitute for cash or cheques. A Credit card is a card or mechanism which enables cardholders to purchase goods, travel and dine in a hotel without making immediate payments. The main objective of this paper is to identify and study the advantages and disadvantages of using credit card. From this paper, it is observed that credit card is boon if the credit cardholder used with special care, otherwise the cardholder has to face deficit in their course of time.
Highlights
The credit card business got momentum in the sixties and a number of banks entered the field in a big way
Most often credit cards can provide convenience but it can land in debt through unwise choices or through no fault of the own, such as an emergency
In order to overcome the risks of credit card use, avoid accumulating too many and pay the debt off on time, read terms and conditions carefully and take measures to avoid fraud
Summary
The credit card business got momentum in the sixties and a number of banks entered the field in a big way. Credit cards enable an individual to purchase products or services without paying immediately. A Credit card is a card or mechanism which enables cardholders to purchase goods, travel and dine in a hotel without making immediate payments. Credit cards allow consumers to make purchases without paying cash immediately or establishing credit with individual stores. A credit card, as the name indicates, enables the cardholder to enjoy credit from the issuing bank for a specific period after the purchases. During this intervening period, the cardholder is allowed to use the card for incurring further expenses.6A bankcard is used to make an electronic withdrawal from funds on deposit in a bank, as in purchasing goods or obtaining cash advances. Report of the Committee on Technology Issues Relating to Payment System, Cheque Clearing and Security Settlement in the Banking Industry, Mumbai: RBI, pp.[75]
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